Once Worth $222M, Atlanta Financial Center Sells For Just $45M: The Atlanta Deal Sheet
Banyan Street Capital has acquired Atlanta Financial Center in Buckhead for less than $50 per SF — a steep discount for one of the city's most recognizable, and recently troubled, office properties.
Banyan Street Capital paid $45M for the 913K SF Atlanta Financial Center, according to Fulton County records — a roughly $47-per-SF deal that ranks among the steepest office discounts in the region in the past year.
Of the seven Metro Atlanta office properties to trade below $50 per SF since August 2023, AFC is by far the largest and most prominent. The others were smaller, suburban deals, like a 23K SF flex building in College Park, according to Avison Young.
Banyan’s bargain price reflects both the scale of the complex and the cost of repositioning it, Bull Realty founder Michael Bull said. The vacancy rate, currently around 70%, is expected to climb above 80% as key tenants depart, further weighing on the building’s value.
“That’s a lot of vacant space. That’s probably the number one reason,” Bull said.
Sumitomo sold the property for nearly 80% less than the $222.5M it paid in 2016.
The three-tower complex, which spans Georgia 400 and sits atop a MARTA station, could be in line for major changes. Banyan Street Office Division President Zac Gruber previously told Bisnow that demolition is under consideration, though the firm has not disclosed its capital plans.
“Our business plan contemplates significant upgrades to some of the existing structures, and potentially tear down and redevelop portions of the complex,” Gruber said at the time.
Atlanta Financial Center became infamous in recent years as the centerpiece of the CrowdStreet scandal. In 2022, Nightingale Properties agreed to buy the property for more than $180M after raising over $50M from crowdfunding investors on the platform — but the deal never closed. Nightingale CEO Elie Schwartz is now serving nearly eight years in federal prison for defrauding those investors.
SALES
An LLC tied to Atlanta-based Hendon Properties has acquired Sandy Plains Village for $22.8M, Cobb County property records show. The 174K SF retail center at 4651 Sandy Plains Road in Roswell includes two buildings and three outparcels.
Matthews Real Estate brokers Kyle Stonis, Pierce Mayson and Boris Shilkrot represented the deal. Anchored by Georgia’s top-performing Movie Tavern, the center had roughly 15K SF of vacancy at the time of sale.
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Invesco Real Estate has acquired Georgia Crossing, a fully leased 317K SF shopping center in Buford, for $82.2M from Washington Prime Group. Located across from the Mall of Georgia, the center’s tenants include Hobby Lobby, Staples, Best Buy and Nordstrom Rack.
JLL’s Jim Hamilton, Brad Buchanan and Andrew Kahn represented the seller.
LEASES
Cosmo Cabinets has leased 7,500 SF at One Ravinia Drive, the 17-story pagoda-style office tower in Central Perimeter. Savills’ Dan Granot represented the tenant, while Stream Realty’s Glenn Kolker, Preston Menning and Lauren Slappey represented landlord CP Group.
Cosmo is among several recent tenants to sign at One and Two Ravinia, where CP Group says roughly 25K SF has been leased in recent weeks, including a 5,800 SF deal with Associated Materials.
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Philadelphia-based Spread Bagelry is entering the Metro Atlanta market with a 2,500 SF shop at 47 Irby Ave. in Buckhead, a space formerly occupied by Fire Hen, according to the Atlanta Business Chronicle.
The Buckhead store will be Spread’s second in Georgia following its Savannah debut nearly two years ago. A Fulton County permit filing shows the company plans to invest $250K in interior renovations.
DEVELOPMENT
Alliance Residential Co. delivered The Weldon by Broadstone, a 330-unit apartment project at 100 Oakbrook Drive in McDonough. Amenities include a saltwater pool, outdoor lounge seating, outdoor entertainment area with grilling stations, fitness center, coworking spaces and a clubroom with an entertainment kitchen.
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Stonemont Financial Group and Realty Trust Group broke ground this week on a 5,200 SF medical office build-to-suit on the Northside Hospital campus in Milton. Northside plans to fully occupy the facility at 15755 Birmingham Highway once it opens in the first quarter of 2026.
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Northeast Georgia Health System and Lifepoint Rehabilitation officially opened its 62K SF rehabilitation hospital called Northeast Georgia Rehabilitation Institute in Gainesville. The 40-bed facility has a second-floor reserve for patients with brain injuries, according to a press release.
Hoar Construction built the project for the health system.
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Food maker Pilgrim’s will spend $400M to develop a new prepared foods production facility in the Walker County Business Park in LaFayette, 100 miles north of Downtown Atlanta, Georgia Gov. Brian Kemp announced Thursday.
Pilgrim’s plans to assemble fully cooked chicken products at the new facility, which is slated to break ground this fall and will employ 630 people. Georgia Department of Economic Development’s Lori Dowdy led incentive talks for the state on the project.
